<SEC-DOCUMENT>0001171843-20-003923.txt : 20200521
<SEC-HEADER>0001171843-20-003923.hdr.sgml : 20200521
<ACCEPTANCE-DATETIME>20200521121755
ACCESSION NUMBER:		0001171843-20-003923
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200521
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200521
DATE AS OF CHANGE:		20200521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDUCATIONAL DEVELOPMENT CORP
		CENTRAL INDEX KEY:			0000031667
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190]
		IRS NUMBER:				730750007
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-04957
		FILM NUMBER:		20900816

	BUSINESS ADDRESS:	
		STREET 1:		10302 E 55TH PL #B
		CITY:			TULSA
		STATE:			OK
		ZIP:			74146
		BUSINESS PHONE:		9186224522

	MAIL ADDRESS:	
		STREET 1:		PO BOX 470663
		CITY:			TULSA
		STATE:			OK
		ZIP:			741460663

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TUTOR TAPES INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19701030

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL TEACHING TAPES INC
		DATE OF NAME CHANGE:	19701030
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_052120.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--May 21, 2020-->May 21, 2020  (May 21, 2020) &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>EDUCATIONAL DEVELOPMENT CORPORATION</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>000-04957</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>73-0750007</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
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 <p style="margin-left:0.5in; margin-right:0in;"><font style="font-size:10pt; font-family:'times new roman';">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; EXHIBITS&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>  <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:'times new roman';"><u>Exhibit Number</u></font></td><td class="hugin"><font style="font-size:10pt; font-family:'times new roman';">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:'times new roman';"><u>Description</u></font></td></tr><tr><td class="hugin"><font style="font-size:10pt; font-family:'times new roman';">&#160;</font></td><td class="hugin"><font style="font-size:10pt; font-family:'times new roman';">&#160;</font></td><td class="hugin"><font style="font-size:10pt; font-family:'times new roman';">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt; font-family:'times new roman';"><font style="font-size:10pt; font-family:'times new roman';"><a href="exh_991.htm" rel="nofollow">99.1</a></font></font></td><td class="hugin"><font style="font-size:10pt; font-family:'times new roman';">&#160;</font></td><td class="hugin"><font style="font-size:10pt; font-family:'times new roman';"><font style="font-size:10pt; font-family:'times new roman';"><a href="exh_991.htm" rel="nofollow">Press release dated as of May 21, 2020 </a></font></font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>EDUCATIONAL DEVELOPMENT CORPORATION</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: May 21, 2020</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Randall W. White&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Randall W. White</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">President and Chief Executive Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p /></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Educational Development Corporation Announces Fiscal Fourth Quarter, Fiscal 2020 Results and Provides First Quarter Fiscal 2021 Revenue Guidance</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="justify">TULSA, Okla., May  21, 2020  (GLOBE NEWSWIRE) -- Educational Development Corporation (&#8220;EDC&#8221;, or the &#8220;Company&#8221;) (NASDAQ: EDUC) (<u>http://www.edcpub.com</u>) today reports net revenues and earnings per share results for the fiscal year ended February 29, 2020.<br ></p>      <p align="justify">Randall White, CEO of Educational Development Corporation, announced that for the fiscal year 2020, the Company reports net revenues of $113,011,900, a decrease of $5,799,400, or 4.9%, when compared to $118,811,300 for the previous year.&#160; Fiscal 2020 net earnings totaled $5,645,100, compared to $6,678,400 in fiscal 2019, a decrease of 15.5%.&#160;&#160;Fiscal year 2020 earnings per share were $0.68 compared to $0.81 the previous year, down 16.0% on a fully diluted basis.</p>      <p align="justify">For the fiscal fourth quarter ended February 29, 2020, the Company reports net revenues of $20,161,900, a decrease of $3,463,500, or 14.7%, when compared to $23,625,400 for the fiscal fourth quarter of the previous year.&#160; Earnings before income taxes were $703,000, a decrease of $142,200, or 16.8%, compared to $845,200 for the fiscal fourth quarter 2019.&#160; Net earnings totaled $538,100 for fiscal fourth quarter 2020, compared to $555,500 for the fiscal fourth quarter 2019, a decrease of $17,400, or 3.1%.&#160; Earnings per share for the fiscal fourth quarter were $0.06 compared to $0.07 for the same fiscal quarter in the previous year, down 14.3% on a fully diluted basis.</p>      <p align="justify">Per Mr. White, &#8220;Fiscal year 2020, while down from fiscal year 2019, is still recorded as the Company&#8217;s second- best year in history for net revenue and net earnings; we maintained a strong cash balance and continued to pay dividends.&#160; Fiscal year 2020 was also a year of consolidation and investment for future growth. 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">&#160;</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; ">8,206,894</td><td class="hugin">&#160;</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; ">8,323,128</td><td class="hugin">&#160;</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; ">8,196,628</td></tr></table>   <p align="justify">EDC will host its annual results Investor Call, including a live Q&amp;A webcast, on Wednesday, May 27, 2020 at 3:00 PM CT (4:00 PM ET).&#160; Randall White, the Company&#8217;s CEO and President, Craig White, Chief Operating Officer, Heather Cobb, Chief Sales and Marketing Officer and Dan O&#8217;Keefe, CFO and Secretary, will present the annual results and be available for questions following the presentation.&#160; Phone lines for participants will be available at (855) 639-3876 (International callers can use (602) 585-9973.&#160; The conference ID is&#160;<strong>4473326</strong>.<br ></p>      <p align="justify">Audio replays will be available following the event at&#160;<u>www.edcpub.com/investors.aspx</u>.</p>      <p align="justify"><strong>About Educational Development Corporation (EDC)</strong></p>      <p align="justify">EDC is a publishing company specializing in books for children.&#160; EDC is the exclusive United States trade co-publisher of the line of educational children&#8217;s books produced in the United Kingdom by Usborne Publishing Limited (&#8220;Usborne&#8221;) and we also exclusively publish books through our ownership of Kane Miller Book Publisher (&#8220;Kane Miller&#8221;); both international award-winning publishers of children&#8217;s books. &#160;EDC&#8217;s current catalog contains over 2,000 titles, with new additions semi-annually. &#160;Both Usborne and Kane Miller products are sold via 4,000 retail outlets and by independent consultants, who hold book showings in individual homes, through social media, book fairs with school and public libraries, direct and internet sales.&#160;</p>   <table style="width:30%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td class="hugin">Contact:</td><td class="hugin">&#160;</td></tr><tr><td class="hugin">&#160;</td><td class="hugin">Educational Development Corporation</td></tr><tr><td class="hugin">&#160;</td><td class="hugin">Randall White, (918) 622-4522</td></tr></table>   <p align="justify"><strong>Cautionary Statement for the Purpose of the &#8220;Safe Harbor&#8221; Provision of the Private Securities Litigation Reform Act of 1995.</strong><br >&#160;&#160;&#160;&#160;<br >The information discussed in this Press Release includes &#8220;forward-looking statements.&#8221; These forward-looking statements are identified by their use of terms and phrases such as &#8220;may,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;achievable,&#8221; &#8220;anticipate,&#8221; &#8220;continue,&#8221; &#8220;potential,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; and similar terms and phrases.&#160; Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved.&#160; Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.&#160; Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders that are received without creating backlogs, our ability to obtain adequate financing&#160; for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, the COVID-19 pandemic, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 28, 2019, all of which are difficult to predict.&#160; In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur.&#160; All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the year ended February 28, 2019 and speak only as of the date of this Press Release.&#160; Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.&#160;</p> </p><p ></p></body></html>
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